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ONGC borrows Rs. 4,000 crore from ICICI Bank

ONGC borrows Rs. 4,000 crore from ICICI Bank

New Delhi: The Oil and Natural Gas Corporation (ONGC) borrowed around Rs. 4,000 crores from ICICI Bank on Wednesday.

The borrowing is part of a tie-up with the three banks- Punjab National Bank (PNB), Bank of India (BOI) and Axis Bank, which took Rs. 18,060 crores for part funding its acquisition cost of Rs. 36,915 crore equity shares of the Hindustan Petroleum Corporation Limited (HPCL).

Wipro invests $9.9 m in US firm for 16% stake

Wipro invests $9.9 m in US firm for 16% stake

Wipro, the country’s third-largest IT services exporter, has announced $9.9-million investment in US-headquartered digital marketing company Harte Hanks to pick up a 16% stake. In a notice to the exchanges, Wipro said under this deal, both companies will expand their existing partnership to offer end-to-end marketing technology services. They will jointly market a big data analytics and machine learning platform, Opera Solutions Signal Hub. Harte Hanks, which was founded in 1923 with more than 5,000 employees globally, reported a net loss of $2.7 million for the second quarter of 2017 calendar year.

Riding high on recap hopes, Nifty PSU Bank Index gains

Riding high on recap hopes, Nifty PSU Bank Index gains

The Nifty PSU Bank index rose 3.49% and ended the session at 3,965.60 ahead of the Centre’s bank recapitalisation announcement on Wednesday. All the 12 constituents of the index closed with gains. The index has recorded a gain of 34% since the announcement of bank recapitalisation scheme in October 2017. IDBI Bank, which has been placed under prompt and corrective action (PCA) mechanism, got the highest infusion of Rs 10,610 crore, among all banks. The market seemed to anticipate this big infusion as the bank’s stock closed up 5.65% on Wednesday.

Here’s why CLSA is bullish on Idea shares despite biggest ever quarterly loss in Q3

Here’s why CLSA is bullish on Idea shares despite biggest ever quarterly loss in Q3

Global research firm CLSA has maintained a buy on the shares of Idea Cellular, despite the telecom major posting its biggest ever quarterly loss in Q3. India’s third-largest telecom company posted a net loss of Rs 1,284.5 crore for the quarter ended 31 December 2017, saying that a ‘sharp’ cut in the call connect charges and tariff war amid the telecom companies hit the earnings. Notably, the shares of Idea Cellular slid to a one-month low after the Aditya Birla group telecom company’s net loss for the October-December period more than tripled.

Hyundai recalls nearly 88,000 older cars due to fire risk

Hyundai recalls nearly 88,000 older cars due to fire risk

DETROIT: Hyundai is recalling nearly 88,000 cars in the US because an electrical short in the antilock brake system could cause engine-compartment fires.

The recall affects certain 2006 Sonatas and 2006 through 2011 Azeras.

How a 150ft tunnel was used to pilfer oil from IOC pipeline

How a 150ft tunnel was used to pilfer oil from IOC pipeline

NEW DELHI: At nine on Tuesday night, residents of Suraj Vihar near Dwarka heard a loud blast that shook the buildings around. When police reached the site of the explosion, they noticed an 8-ft deep ditch. On further examination, the cops realised that it was part of a tunnel leading to a pipeline of the Indian Oil Corporation from where a group was pilfering petrol.

Excessive gas pressure had led to the blast. The cops arrested the kingpin of the racket, Zubair, a scrap dealer from Daryaganj. The other men managed to escape under cover of darkness.

IRB InvIT Fund declares Rs 174 crore payout

IRB InvIT Fund declares Rs 174 crore payout

Mumbai based IRB Infrastructure, the investment manager of the IRB Infrastructure Investment Trust (InvIT) Fund declared distribution of Rs 174 crores to its unit holders translating into payout of Rs 3.00 per unit, on Wednesday for the third quarter of FY2018.

With this distribution, for FY2018, the total distribution reaches Rs 7.55 per unit; out of which Rs 5.45 per unit is interest and Rs 2.10 per unit is return of capital.

Selfie almost ends in tragedy: Hyderabad man lives after being hit by train

Selfie almost ends in tragedy: Hyderabad man lives after being hit by train

A man escaped with a head injury when, trying to take a selfie near the tracks, he was hit by a train.

T Siva (25) was trying to take a selfie with a train in the background by standing next to the tracks near the Borabanda station between Begumpet and Lingampalli railway stations on January 21.

Infosys, TCS join global tech-reskilling drive for 1 million workers

Infosys, TCS join global tech-reskilling drive for 1 million workers

Indian information technology giants TCS and Infosys have joined a global drive for tech reskilling of one million workers in the first such IT industry initiative. The exercise, whose founding partners also include Accenture, CA Technologies, Cisco, Cognizant, Hewlett Packard Enterprise (HPE), Pegasystems, PwC, Salesforce, and SAP, aims to bring competitive training content on one platform to serve the greater good.

The initiative will be targeting one million people for training and resource opportunities on the World Economic Forum (WEF) SkillSET portal by January 2021.

Former SBI chief Arundhati Bhattacharya named BS Banker of the Year

Former SBI chief Arundhati Bhattacharya named BS Banker of the Year

Arundhati Bhattacharya, former chairman of State Bank of India (SBI), is the Business Standard Banker of the Year for 2016-17. She was selected by a five-member jury, headed by former economic affairs secretary C M Vasudev, for the bank’s deft handling of the demonetisation rush, battling bad debts but remaining profitable, pushing the financial inclusion agenda through a wide network of its rural and semi-urban branches and, at the same time, catering to tech-savvy customers through cutting-edge digital banking products.

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